Coinspeaker
Bitcoin and Ether Stabilize while Other Altcoins Enter Deep Correction
Last week, the broader cryptocurrency market entered a sharp correction with the Bitcoin price breaking crucial support levels and falling down to $26,000. Along with Bitcoin, the broader crypto market entered into a steep correction with a greater fall in the altcoin market.
Currently, Bitcoin and Ether continue to stay relatively steady while other altcoins have continued with further price drops. On Monday, altcoins exhibited more substantial downward movements. Ripple’s XRP experienced a decline of nearly 5%.
Altcoins connected to Ethereum rivals, namely Solana, Polygon, and Cardano, saw losses of approximately 3% each. DeFi tokens also faced declines, with the Cosmos token dropping over 3% and Uniswap’s coin showing a 2% decrease. Chris Martin, head of research at Amberdata said:
“External pressure in China is likely the biggest driver to the sell-offs. Asia plays a huge role in crypto, especi
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